Why you should consolidate your super

14 November 2013 | Super Claims Australia

– by Adam Tayler

AdamT

Superannuation

Consolidating your lost superannuation accounts is something that you should consider.  There are many financial benefits to be obtained by consolidating your super not least of which is avoiding paying duplicate administration fees..

If you are unsure if you have any lost accounts you should conduct a Lost Super Search through the Australian Taxation Office.  Their website at www.ato.gov.au has a superseeker tool to assist you.

Most super funds will offer you a service to locate and consolidate your lost superannuation.

Some old accounts may have been rolled over without your knowledge to an eligible rollover fund (ERF).  The APRA website has a list of all ERF’s in Australia and their contact details.  You should be sure to search the relevant ERF as well as accessing the ATO service.  This way you will ensure that you locate all of your lost superannuation.

There are some other matters to consider before consolidating your super accounts such as any benefits attached to those accounts.  One consideration that many people may not think about when consolidating their superannuation is the insurance that is attached to your superannuation account.  Most superannuation funds take out insurance to cover their members in the event of total and permanent disablement (TPD) or death.  Some also take out insurance for temporary disablement in the form of income protection.

If you are considering consolidating your superannuation accounts then you should consider what impact that will have on your insurance situation.  It may be that you have multiple insurances attached to your multiple superannuation accounts.

You should weigh up the benefit of those insurance policies compared to the premiums you are paying and ensure that you do not lose access to valuable insurance benefits when consolidating your accounts.

You should be sure to check your insurance situation first before authorising anyone to consolidate your accounts.

How can Super Claims Australia help you?

If you had a claim rejected or if you are unsure of what you can do in your situation, give Super Claims Australia a call on 1800 088 677 or via our online contact form for an obligation free consultation.

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